SEC sues ex-Fidelity Nat'l director for insider trading

LeticiaWilliams

WASHINGTON (CBS.MW)-- The Securities and Exchange Commission Thursday filed insider trading charges against a former director of Fidelity National Financial
FNF, -1.13%
for allegedly buying shares of LendingTree ahead of an announcement that the firm would be acquired by another company. The SEC claims J. Thomas Talbot, a former Fidelity director and California businessman, learned of the LendingTree acquisition at a Fidelity board meeting in 2003. Talbot then bought 10,000 shares of LendingTree stock and sold them when the acquisition was announced, realizing illicit profits of $67,881, the SEC said. The SEC is seeking a court order banning Talbot from serving as a director or officer of a publicly traded company as well as monetary penalties and fines.

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